Debt Collections Suspended in Many Areas for Stressed Consumers
The student loan crisis, reaching toward $1.6 trillion for over 45 million borrowers before the Coronavirus pandemic, has been eclipsed by what seems to be turning into a dire economic climate for millions in the US, and the world.
Previously, consumers and borrowers were worrying about growing household debt, leaving many mired in thousands owed to credit card companies, and untold sums owed to mortgage companies, car lenders, and federal and private student loan servicers. In very recent months, if you were struggling, you were on your own as usual—left to fend for yourself against the ferocity of debt collectors, unless you had the fortunate experience to work with a skilled debt protection attorney from a firm like Fitzgerald & Campbell, APLC.
Now, however, the government has taken measures to send out stimulus checks to individuals around the US, and individual states like California are moving to limit collections on student loans. No matter the level of the burden you may feel (or have been feeling) in trying to satisfy such debts, that should be eased somewhat.
Such government action and the obvious reality of over 26 million unemployed makes this a good time to speak with and perhaps even re-negotiate or re-finance your terms with your private student loan servicer. While previously corporations, lenders, and student loan servicers may have been aware of the financial pressures US citizens as a whole were beginning to experience due to rises in cost of living not met by raises or better jobs, now there is no question. Strangely, most of us are suddenly in the same boat—and to say that you simply do not have the income to make a payment this month or perhaps for several more—is not a surprise.
If you do have cash on hand, even a limited amount, this may be a good time to negotiate with any creditors regarding delinquent accounts that could be paid off in a discounted lump sum and settled for good. Speak with an experienced debt protection attorney from a firm like Fitzgerald & Campbell, APLC for help with negotiations, as well as assistance with answering collection lawsuits or dealing with default judgments.
Contact Fitzgerald & Campbell, APLC now. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations. Let us review your case and discuss what would work best for you. We are here to help! Click here to schedule a free 30-minute consultation, or call us at (855) 709-5788, or email us at firstname.lastname@example.org.